BANGKOK, 18th February 2018 (NNT) – The projected substantial investment in eastern provinces under the government’s Eastern Economic Corridor (EEC) project would help boost the country’s economy by 5 percent in 2018, according to EEC.

Secretary-general of the Eastern Economic Corridor (EEC) Office Kanit Sangsubhan said investments in the eastern provinces will help raise Thailand's gross domestic product (GDP) by 5 percent in the latter half of this year.

The Board of Investment's (BOI) projection that about investment projects, with a total worth of 300 billion baht, would seek investment privilege from the BOI in 2018. Apart from this, the enactment of the EEC Act, the global economic recovery, which would enhance Thailand’s export growth and the government investment will also help boost the economy.

For the first five years under the EEC’s investment plan, there are four investment categories with a total of 15 investment projects. These included a project to develop U-Tapao international airport as the eastern region's aviation city, the high speed rail project connecting Don Muang, Suvarnabhumi, and U-Tapao airports, the expansion of Laem Chabang deep sea port, Maptaphut, and Sattahip ports, the construction of dual-track railroad connecting the three ports, and the construction of highways and roads.

The total investment cost is projected at no less than 1.7 trillion baht, or 49.9 billion US dollars.

The 200 billion baht worth of U-Tapao airport development project and the 64.3 billion baht worth high-speed rail connecting the three airports project are expected to commence their TOR drafting process this year, with actual processing by private firms expected to start by the end of this year. Both projects are expected to be completed in 2023.

After completion, U-Tapao airport will be able to accommodate 15 million passengers over the first five years and the capacity will increase to 30 million in 10 years, and to 60 million in 15 years.

National News Bureau Of Thailand | EEC investment to boost Thailand's GDP growth by 5%: official